Ramsey Quantitative Systems Buys 6,231 Shares of Resources Connection, Inc. (RECN)

Ramsey Quantitative Systems boosted its holdings in shares of Resources Connection, Inc. (NASDAQ:RECN) by 135.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,822 shares of the business services provider’s stock after purchasing an additional 6,231 shares during the period. Ramsey Quantitative Systems’ holdings in Resources Connection were worth $180,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RECN. Piedmont Investment Advisors LLC bought a new position in Resources Connection during the second quarter worth about $117,000. Barclays PLC lifted its holdings in Resources Connection by 125.2% during the first quarter. Barclays PLC now owns 11,076 shares of the business services provider’s stock worth $179,000 after acquiring an additional 6,158 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Resources Connection by 75.1% during the second quarter. SG Americas Securities LLC now owns 11,666 shares of the business services provider’s stock worth $197,000 after acquiring an additional 5,002 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Resources Connection by 69.8% during the second quarter. Russell Investments Group Ltd. now owns 16,300 shares of the business services provider’s stock worth $275,000 after acquiring an additional 6,700 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new position in Resources Connection during the second quarter worth about $289,000. Hedge funds and other institutional investors own 81.22% of the company’s stock.

RECN opened at $16.99 on Friday. Resources Connection, Inc. has a 1 year low of $13.20 and a 1 year high of $19.50. The stock has a market capitalization of $522.86 million, a price-to-earnings ratio of 17.67 and a beta of 1.04. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.06 and a current ratio of 2.06.

Resources Connection (NASDAQ:RECN) last released its quarterly earnings results on Wednesday, October 3rd. The business services provider reported $0.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.07. Resources Connection had a return on equity of 10.03% and a net margin of 2.88%. The firm had revenue of $178.60 million for the quarter, compared to the consensus estimate of $173.60 million. During the same quarter last year, the business posted $0.12 EPS. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, analysts expect that Resources Connection, Inc. will post 0.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, August 23rd were paid a $0.13 dividend. This is an increase from Resources Connection’s previous quarterly dividend of $0.12. The ex-dividend date was Wednesday, August 22nd. This represents a $0.52 annualized dividend and a dividend yield of 3.06%. Resources Connection’s dividend payout ratio (DPR) is currently 53.06%.

Several analysts have issued reports on RECN shares. BidaskClub downgraded Resources Connection from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 30th. TheStreet raised Resources Connection from a “c+” rating to a “b-” rating in a research note on Monday, July 2nd. ValuEngine downgraded Resources Connection from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Zacks Investment Research downgraded Resources Connection from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $18.00.

In related news, CAO John D. Bower sold 7,500 shares of Resources Connection stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $18.93, for a total value of $141,975.00. Following the sale, the chief accounting officer now owns 20,291 shares of the company’s stock, valued at $384,108.63. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anthony Cherbak sold 20,000 shares of Resources Connection stock in a transaction dated Thursday, October 4th. The shares were sold at an average price of $18.59, for a total value of $371,800.00. Following the completion of the sale, the director now directly owns 33,500 shares in the company, valued at approximately $622,765. The disclosure for this sale can be found here. Company insiders own 9.80% of the company’s stock.

Resources Connection Company Profile

Resources Connection, Inc provides business consulting services under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers process transformation and optimization, financial reporting and analysis, technical and operational accounting, and merger and acquisition due diligence and integration services; new accounting standards implementation and remediation support services; and audit readiness, and preparation and response services.

Further Reading: Average Daily Trade Volume – What You Need to Know

Want to see what other hedge funds are holding RECN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Resources Connection, Inc. (NASDAQ:RECN).

Institutional Ownership by Quarter for Resources Connection (NASDAQ:RECN)

Receive News & Ratings for Resources Connection Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resources Connection and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply